Xi elaborates on inspiration behind Belt and Road Initiative

Xi made the remarks when meeting with Italian Prime Minister Paolo Gentiloni after the two-day Belt and Road Forum for International Cooperation ended on Monday in Beijing.

Britain's vote to leave the European Union and the election of Donald Trump as USA president previous year have been two of the most obvious examples of growing unease in Western countries about globalization.

Other governments welcome Chinese investment in a region that the Asian Development Bank says needs to spend US$7 trillion this decade on ports, railways and other trade-related facilities to keep their economies growing.

India skipped the meeting due to its sovereignty concerns over the Dollars 50 billion China-Pakistan Economic Corridor which passes through Pakistan-occupied Kashmir (PoK).

"Though originating in China, the Belt and Road Initiative BELONGS TO THE WHOLE WORLD".

India is incensed that one of the key Belt and Road projects passes through Kashmir and Pakistan.

"The European Investment Bank, the EU Bank, recognises the potential of the Belt and Road Initiative to promote economic growth and strengthen worldwide cooperation", said EIB director-general Jean-Christophe Laloux.

In contrast, Xi said China's Belt and Road plan would be inclusive and open to all.

The initiative has "entered a new era as it is in full swing", with 68 nations and global organizations signing cooperation agreements with the host, Xi said. The MEA also said "We have been urging China to engage in a meaningful dialogue".

"All these (developments) show that the Belt and Road initiative responds to the trend of the times, conforms to the law of development, and meets the people's interests", it said.

"China's position is clear that this (Kashmir issue) is a dispute between India and Pakistan left from the past and it is for them to resolve the dispute through negotiations", Zhanwu said.

On the eve of the OBOR forum, Indian issued a statement saying it can not "accept a project that ignores its core concerns on sovereignty and territorial integrity".

Proposed in 2013, the Belt and Road Initiative is a grand plan to connect Asia with Europe and Africa along, and beyond, ancient trade routes by putting in place an unparalleled trade and infrastructure network.

He said their support for this seminal initiative is rooted in the postulates that they have laid down today in the joint declaration.

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